Johny Fernandez: Breakout Capital recently announced they
had secured $20 million and expanded access to credit. CEO
and President McLean Wilson said they had weathered the storm and
never stopped funding. Now it's quite a different story here
over at Funding Circle, who recently announced 120 layoffs.
The company also announced it will be relocating a significant
portion of its employees in the US over to the United Kingdom.
Since the shutdowns began, they have been focusing on PPP loans
and 7(a) loans. They are not alone in what has happened
during the coronavirus crisis. However, companies like PIRS
Capital have encountered quite a different story
Unknown: 100% funding for real. We've been funding since May 1,
and we are fully operational. We are funding basically to to the
pre COVID standards as far as the underwriting goes.
Johny Fernandez: And here's what's happening in downtown
Brooklyn.
Hey, everyone, I'm Johny Fernandez with deBanked News and
I'm here in a local New York City neighborhood and as the
economic activity starts to bounce back up, you can see a
lot of foot traffic here in this neighborhood. And like many
other neighborhoods, different stores are opening back up and
it's something that we'll start to see more over the summer.
Sean Murray: Thanks Johny. Canadian small business lender
Lendified is fighting for survival. President and Director
Kevin Clark had recently tendered his resignation
effective July 3. However, he has since stated that he will
stay on until the end of the month.